13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily.Determine the annual interest rate of the loan. What interest rate per compounding period did Manuelreceive? Complete your calculations in one step to get the correct results. Express both answers as apercent to two decimal places.a. 66.67%, 0.18%b. 800.02%, 3.00%C. 793.73%, 2.17%d. 666.67%, 18.00%

Solution Given Amount given $75 Period 3 days Compounding Daily Amount paid…

Answered: 13. Manuel lends Jahib $75 for 3 days.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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